Vol. 26 No. 16


Week Ending
19th April 2024
Weekly Economic
Highlights
TABLE OF CONTENTS


MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED
7.
8.

1. OVERVIEW


During the week under review, maximum local currency deposit rates for 3, 6, 12 and over 12-month
tenors marginally declined while minimum local currency deposit rates remained unchanged.
Minimum and maximum local currency lending rates for individual clients increased by 1.72% and
2.25% respectively, while minimum lending rates for corporate clients decreased by 0.15%. All
foreign currency deposits rates increased expect for maximum rates for 1-month tenor which
remained unchanged. Foreign currency lending rates for both individual and corporate clients
registered marginal increases during the same week.
The Zimbabwe Stock Exchange (ZSE) All share index decreased by 4.38% to close at 95.99 points
during the week under review. The cumulative value of shares traded increased by 1,481.39% to
close at ZiG2.7 million, from ZiG0.17 million in the previous week. The Victoria Falls Stock
Exchange (VFEX) traded on a negative trajectory during the week under review. The VFEX All
share index and market capitalisation decreased from 98.77 points and US$1.19 billion to close at
95.94 points and US$1.16 billion, respectively.
The total value of transactions processed through the National Payment Systems platforms amounted
to ZiG13.31 billion during the week under analysis, representing an increase of 95.29% from ZiG6.81
billion registered in the previous week.
The interbank exchange rate appreciated by 0.67% from ZiG13.4027 per US$ at the beginning of the
week to ZiG13.3129 per US$ at the end of the week, mainly driven by increases in the gold price.
International commodity prices for gold, copper, nickel, and lithium firmed during the week under
analysis. Gold prices surged as reports that Israel had attacked Iran prompted fears of a wider regional
conflict, increasing the bullion's safe-haven appeal. Lithium prices also increased on account of
improved demand for the metal. In addition, nickel prices increased following speculation regarding
potential purchases of stockpiles by the Chinese government. Copper prices firmed during the week
under analysis, underpinned by concerns over supply constraints amid output cuts.
However, platinum, palladium and crude oil declined, during the same week. Platinum and palladium
prices dropped on account of weak demand. Similarly, crude oil prices declined as the geopolitical
risk premium continues to ease while rising US inventories are seen as a signal of weak demand.
A cumulative total of 67.28 million kilograms of tobacco had been sold as of 19th April 2024. This
reflected an 8.6% decrease from 73.60 million kilograms sold during the same period in 2023. The
golden leaf was sold at an average price of US$3.57 per kilogram, up from US$3.00 per kilogram
realised in the same period last year. The key statistics including graphs are shown in the annex
below.

2. INTEREST RATES

Policy rates (ZiG)
Policy Rate
12 April 2024
19 April 2024
RBZ Policy Rate

Source: Reserve Bank of Zimbabwe, 2024

Average commercial bank deposit rates (Local Currency (ZiG))
ZWL Deposit rates
12 April 2024
19 April 2024
Savings


Minimum
5.69
5.22
Maximum
6.19
5.34
1-month deposit


Minimum
5.34
5.34
Maximum
5.73
5.73
3-month deposit


Minimum
5.43
5.43
Maximum
5.96
5.94
6-month deposit


Minimum
5.61
5.61
Maximum
6.23
6.22
12-Month deposits


Minimum
5.65
5.65
Maximum
6.27
6.25
Over 1 year


Minimum
5.65
5.65
Maximum
6.30
6.28
Source: Reserve Bank of Zimbabwe, 2024

Average commercial bank deposit rates (Foreign Currency (US$))
US$ Deposit rates
28 March 2024
5 April 2024
12 April 2024
19 April 2024
Savings


Minimum

Maximum

1-month deposits


Minimum

Maximum

3-month deposits


Minimum

Maximum

6-month deposits


Minimum

Maximum

12-Month deposits


Minimum

Maximum

Over 1 year


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial bank weighted lending rates (Local Currency (ZiG))
ZWL Lending rates
12 April 2024
19 April 2024
Individuals


Minimum
21.81
23.53
Maximum
29.37
31.62
Corporates


Minimum
24.14
23.99
Maximum
31.42
31.73
Source: Reserve Bank of Zimbabwe, 2024

Commercial bank weighted lending rates (Foreign Currency (US$))
US$ Lending rates
28 March 2024
5 April 2024
12 April 2024
19 April 2024
Individuals


Minimum

Maximum

Corporates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024

Commercial banks and Building societies mortgage lending rates.
Mortgage Lending rates
12 April 2024
19 April 2024
ZiG Lending rates


Minimum
20.00
20.00
Maximum
30.00
30.00
Source: Reserve Bank of Zimbabwe, 2024

Commercial banks and Building societies mortgage lending rates.
Mortgage Lending rates
28 March 2024
5 April 2024
12 April 2024
19 April 2024
US$ Lending rates


Minimum

Maximum

Source: Reserve Bank of Zimbabwe, 2024
3. EQUITY MARKETS

ZSE Indicators


All
Share
Index
(points)

Top 10
index
(points)
Top 15
Index
(points)
Medium Cap
(points)
Small Cap
(points)
Mining
Index
(points)
Grand
Market
Cap (ZiG
billion)
Market
Turnover
(ZiG
million)
Volume of
Shares
(million)
5-April-24

12-April24

19-April-24

Weekly
Change (%)


Source: Zimbabwe Stock Exchange, 2024


VFEX Indicators
Date
All Share Index
Points
Grand Market
Capitalisation
(US$ billion)
Market Turnover
(US$ million)
Volume of Shares (million)
28-March-24

5-April-24

12-April-24

19-April-24

Weekly Change (%)

Source: Victoria Falls Stock Exchange, 2024

Figure 1: ZSE and VFEX Indicators


Source: Zimbabwe Stock Exchange and Victoria Falls Stock Exchange, 2024

09-Apr-24
10-Apr-24
11-Apr-24
12-Apr-24
13-Apr-24
14-Apr-24
15-Apr-24
16-Apr-24
17-Apr-24
18-Apr-24
19-Apr-24
Indices
ZSE Indices
All Share Index (ZSE)
Top 10 Index
Mining Index

1,200
1,600
2,000
09-Apr-24
10-Apr-24
11-Apr-24
12-Apr-24
13-Apr-24
14-Apr-24
15-Apr-24
16-Apr-24
17-Apr-24
18-Apr-24
19-Apr-24
ZiG Thousand
ZSE Market Turnover

08-Apr-24
09-Apr-24
10-Apr-24
11-Apr-24
12-Apr-24
13-Apr-24
14-Apr-24
15-Apr-24
16-Apr-24
17-Apr-24
18-Apr-24
19-Apr-24
ZiG billion
ZSE Market Capitalisation

09-Feb-24
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
15-Mar-24
22-Mar-24
29-Mar-24
05-Apr-24
12-Apr-24
19-Apr-24
Index
VFEX All Share Index

09-Feb-24
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
15-Mar-24
22-Mar-24
29-Mar-24
05-Apr-24
12-Apr-24
19-Apr-24
US$ Mililon
VFEX Market Capitalisation

09-Feb-24
16-Feb-24
23-Feb-24
01-Mar-24
08-Mar-24
15-Mar-24
22-Mar-24
29-Mar-24
05-Apr-24
12-Apr-24
19-Apr-24
US$ Thousand
VFEX Market Turnover

4. CLEARING AND SETTLEMENT ACTIVITY
Source: Reserve Bank of Zimbabwe, 2024
5. PRICES
Domestic Energy Prices
Energy prices
28 Mar 2024
5 April 2024
12 April 2024
19 April 2024

US$
US$
US$
US$
Diesel 50/ litre

Petrol Blend E20/ litre

LP Gas / kg

Source: Zimbabwe Energy Regulatory Authority, 2024

International Energy Prices (Weekly average)
Energy prices
28 Mar 2024
5 April 2024
12 April 2024
19 April 2024

US$/barrel
US$/barrel
US$/barrel
US$/barrel
Crude Oil Prices

Source: BBC, 2024

6. MOSI-OA-TUNYA GOLD COINS AND GOLD BACKED DIGITAL TOKENS
(GBDT)

Previous day Gold PM Fix
Gold prices
28 Mar 2024
5 April 2024
12 April 2024
19 April 2024

US$/oz
US$/oz
US$/oz
US$/oz
Gold PM Fix

Source: London Bullion Market Association, 2024


Gold Backed Digital Token Price Per Milligram
Week Ending
ZiG Price per Mg
US$ Price per Mg
Buy
Sell
Buy
Sell
15-April-24

16-April-24

17-April-24

19 April -24

Source: Reserve Bank of Zimbabwe, 2024


PAYMENT STREAM
WEEK ENDING
12 April 2024
WEEK ENDING
19 April 2024
WEEKLY
CHANGE (%)

VALUES IN ZiG

RTGS
4,822,652,172.60
11,979,884,903.83
148.41%
Of which ZiG
416,060,255.90
3,698,540,279.46

Of which US$
326,916,669.30
619,707,802.65

POS
372,128,567.09
242,750,716.54
-34.77%
ATM
796,993,008.89
348,480,569.00
-56.28%
MOBILE
822,904,677.47
737,012,537.55
-10.44%
TOTAL
6,814,678,426.04
13,308,128,726.93
95.29%

VOLUMES

RTGS
79,975
125,531
56.96%
Of which ZiG
12,757
48,329

Of which US$
67,218
77,202

POS
1,002,483
662,913
-33.87%
ATM
203,376
96,785
-52.41%
MOBILE
11,931,487
5,122,691
-57.07%
TOTAL
13,217,321
6,007,920
-54.55%

RBZ Gold-Backed Digital Tokens Issuances (ZW$)
Source: Reserve Bank of Zimbabwe, 2024

Figure 2: Cumulative KGs Purchased of GBDT

Source: Reserve Bank of Zimbabwe, 2024

Mosi-oa-Tunya Gold Coin Prices
Gold Coin Price
15 April 2024
16 April 2024
17 April 2024
19 April 2024
1.00Oz


US$

ZiG

0.50Oz


US$

ZiG

0.25Oz


US$

ZiG

0.10Oz


US$

ZiG

Source: Reserve Bank of Zimbabwe, 2024

7. EXTERNAL SECTOR
Exchange Rate Developments (ZiG per Unit of foreign currency)

USD
ZAR
GBP
BWP
EURO
15-April

16-April

17-April

19-April

Weekly Average
(15 April– 19April)

Source: Reserve Bank of Zimbabwe, 2024

-

18-May-23
01-Jun-23
15-Jun-23
29-Jun-23
13-Jul-23
03-Aug-23
31-Aug-23
28-Sep-23
18-Oct-23
23-Nov-23
21-Dec-23
25-Jan-24
31-Jan-24
02-Feb-24
06-Feb-24
08-Feb-24
12-Feb-24
14-Feb-24
16-Feb-24
20-Feb-24
23-Feb-24
27-Feb-24
29-Feb-24
04-Mar-24
06-Mar-24
08-Mar-24
12-Mar-24
14-Mar-24
18-Mar-24
20-Mar-24
22-Mar-24
26-Mar-24
28-Mar-24
03-Apr-24
05-Apr-24

Number
of Bids
Value of Bids
(ZW$ millions)
Amount Allotted
(ZW$ millions)
Kilograms of
Gold Purchased
Cumulative up to week ending 28-Mar 24

GBDT Issue No.45 2024 2-April

19,429.99
19,429.99
10.526542
GBDT Issue No.46 2024 3-April

8,606.48
8,606.48
4.466746
GBDT Issue No.47 2024 4-April

18,304.26
18,304.26
8.063967
GBDT Issue No.48 2024 5-April

6,408.99
6,408.99
2.453259
Cumulative up to week ending 5-April 24

Weekly Change (%)


International Commodity Price Developments

Platinum
Palladium
Nickel
Lithium

US$/ounce
US$/ounce
US$/tonne
US$/tonne
Weekly Average
(8 April -12 April)

15-April

16-April

17-April

18-April

19-April

Weekly Average
(15 April -19 April)

Source: BBC, KITCO and Bloomberg, 2024

Figure 3: Weekly Precious Metals Price Developments (15th – 19th April 2024)


Source: BBC, KITCO and Bloomberg, 2024

8. TOBACCO SALES
Weekly Cumulative Tobacco Sales (19th April 2024)

Variance (%)
Cumulative Quantity Sold (million kgs)
73,604,645
67,277,372
-8.60
Average Price (US$/kg)
3.00
3.57
19.00
Cumulative value (US$ million)
220,873,283
239,995,397
8.66
Source: Tobacco Industry and Marketing Board, 2024

15-Apr
16-Apr
17-Apr
18-Apr
19-Apr
US$/ounce
Platinum

1,000
1,050
15-Apr
16-Apr
17-Apr
18-Apr
19-Apr
US$/ounce
Palladium

15-Apr
16-Apr
17-Apr
18-Apr
19-Apr
US$/tonne
Nickel

15-Apr
16-Apr
17-Apr
18-Apr
19-Apr
US$/tonne
Lithium